Apple to invest another $200 million in carbon removal fund

FILE PHOTO: Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. REUTERS/Joshua Roberts

(Reuters) - Apple Inc said on Tuesday it doubled its financial commitment to a fund it had established two years ago to invest in projects that remove carbon from the atmosphere.

The iPhone-maker said it will invest up to an additional $200 million in its Restore Fund, which was created in 2021 with an initial $200 million commitment.

The additional investment is expected to help the fund start new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said.

Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030.

The fund, launched with Goldman Sachs Group Inc and nonprofit Conservation International, has invested in forest properties in Brazil and Paraguay in the last two years.

The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, Apple added.

"The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.

(This story has been corrected to clarify that the new $200 million investment doubles Apple's carbon removal goal to 2 million metric tons in paragraph 3)

(Reporting by Yuvraj Malik in Bengaluru and Stephen Nellis in San Francisco; Editing by Shweta Agarwal)